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Note 11 - Earnings Per Share
9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 11. Earnings per Share

 

The following table presents the calculation of basic and diluted earnings per common share for the periods indicated: 

 

  

Three Months Ended

  

Nine Months Ended

 
  

September 30,

  

September 30,

 
  

2023

  

2022

  

2023

  

2022

 

(Amounts in thousands, except share and per share data)

                

Net income

 $14,640  $13,351  $36,236  $34,079 

Adjust net income for fair value of restricted stock units (tax effected)

  237   -   592   - 

Net income for fully dilutive earnings per common share

 $14,877  $13,351  $36,828  $34,079 
                 

Weighted average common shares outstanding, basic

  18,786,032   16,378,022   17,816,505   16,617,766 

Dilutive effect of potential common shares

                

Stock options

  17,223   18,975   14,323   16,615 

Unvested stock awards

  -   10,570   4,067   14,681 

Restricted stock units

  28,581   5,635   22,599   5,635 

Total dilutive effect of potential common shares

  45,804   35,180   40,989   36,931 

Weighted average common shares outstanding, diluted

  18,831,836   16,413,202   17,857,494   16,654,697 
                 

Basic earnings per common share

 $0.78  $0.82  $2.03  $2.05 

Diluted earnings per common share

  0.79   0.81   2.06   2.05 
                 

Antidilutive potential common shares

                

Stock options

  129,355   131,198   130,577   131,198 

Stock units

  93   -   82   - 

Total potential antidilutive shares

  129,448   131,198   130,659   131,198